Bitcoin Private secret inflationary premine

[kenzawak]

Coinmetrics report: Over 2 million Bitcoin Private tokens were covertly premined, breaking the 21 million supply cap

https://www.theblockcrypto.com/2018/12/23/coinmetrics-report-over-2-million-bitcoin-private-tokens-were-covertly-premined-breaking-the-21-million-supply-cap/

Coinmetrics, a cryptoasset data provider, released a 10-page report titled: “Don’t trust, verify: A Bitcoin Private case study,” analyzing Bitcoin Private’s coin supply
Bitcoin Private is a fork-merge of Bitcoin and ZClassic, a cryptocurrency with privacy features, which itself was a fork of Zcash
The report found that 2.04 million additional Bitcoin Private units were covertly minted, pushing the actual supply cap of BTCP to 23.04 million, instead of 21 million

Coinmetrics explains that during the UXTO import leading to the Bitcoin Private fork, “special blocks” were produced by the Bitcoin Private network that contained 400 extra outputs containing 50 bitcoins each. Coinmetrics found that there were 102 of these special blocks. By calculating these figures (102 special blocks * 400  extra outputs * 50 bitcoins) Coinmetrics concludes that 2,040,000 additional BTCP were produced. Coinmetrics charted out the expected bitcoin UXTO import vs. the actual import in the chart below.

[tdrinker]

At first I read this as '2 million bitcoin coins were privately premined' and I was about to dismiss it as FUD. Then I later realised you were talking about bitcoin private and I ceased to care if it was FUD or not.

[kenzawak]

At first I read this as '2 million bitcoin coins were privately premined' and I was about to dismiss it as FUD. Then I later realised you were talking about bitcoin private and I ceased to care if it was FUD or not.

Totally understandable. 

[kenzawak]

The development team behind altcoin Bitcoin Private (BTCP) has confirmed the creation of 2.04 million units of BTCP “that were never intended to exist on the blockchain,” according to an official statement published Dec. 24.

https://medium.com/@bitcoinprivate/official-statement-on-coinmetrics-report-6f1cef176c05

[talkbitcoin]

this may sound like a statement in bad taste but after reading this news that is all i can think of:
this sounds like saying  "eww, this pile of shit has a hair in it!"

a useless forkcoin which has always been obviously a shitcoin is bound to have things like this in it. a premine is nothing. they just copied bitcoin and simply mixed it with other coins and created a worthless token out of good projects! who cares if there was a premine it it or not